ACA Tax Facts for Individuals and Families

Archive for April 2017

ACA Tax Facts for Individuals and Families

The Affordable Care Act contains two provisions that may affect your 2016 tax return: the individual shared responsibility provision and the premium tax credit. Here’s what you should know: Information Forms: 1095-A, 1095-B, and 1095-C This year marks the first time that certain taxpayers will receive new health-care related information forms that they can use…

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Medical and Dental Expenses May Impact Your Taxes

Medical expenses can trim taxes. Keeping good records and knowing what to deduct make all the difference. Here are four tips to help taxpayers know what qualifies as medical and dental expenses: Taxpayers can only claim medical expenses that they paid for in 2016 if they itemize deductions on a federal tax return. Qualifying Expenses.…

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Tax Tips for the Self-Employed

If you are a self-employed, you normally carry on a trade or business. Sole proprietors and independent contractors are two types of self-employed individuals. If this applies to you, there are a few basic things you should know about how your income affects your federal tax return: Self-Employment Income. Self-employment includes income you received for…

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Cut Your Tax Bill with Home Energy Credits

Did you know that it’s possible to trim your tax bill and save on your energy bills with certain home improvements? Here are some key facts you should know about home energy tax credits: Non-Business Energy Property Credit Part of this credit is worth 10 percent of the cost of certain qualified energy-saving items you…

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IRAs and Your 2016 Tax Return

Taxpayers often have questions about Individual Retirement Arrangements or IRAs. Common questions include: When can a person contribute, how does an IRA impact taxes, and what are other common rules. If you have questions, here’s what you need to know: Age Rules. Taxpayers must be under age 70 1/2 at the end of the tax…

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Claiming the Small Business Health Care Tax Credit

If you’re a small business owner with fewer than 25 full-time equivalent employees you may be eligible for the small business health care credit. What is the Small Business Health Care Credit? The small business health care tax credit, part of the Patient Protection and Affordable Care Act enacted in 2010, is specifically targeted to…

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